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Monday – Thursday: 9 am – 9 pm
Friday: 9 am – 6 pm
Saturday: 9 am – 5 pm
Sunday: 1 – 5 pm

Friday, November 1, 2024  |  9 am – 6 pm

Monday – Thursday: 9 am – 9 pm
Friday: 9 am – 6 pm
Saturday: 9 am – 5 pm
Sunday: 1 – 5 pm

Policies govern many aspects of Glen Ellyn Public Library and are approved by Board of Trustees. The Board of Trustees may modify or amend these policies at any time.

Fund Balance Policy

Last Revised: October 21, 2024

In accordance with the provisions of GASB 54 , the library has created a Fund Balance Policy.

Fund balance measures the net financial resources available to finance expenditures of future periods. It is the policy of Glen Ellyn Public Library to maintain a fund balance of at least six months (“Cash Flow Commitment”). The Cash flow Commitment in the General Fund is adjusted annually with the adoption of the annual budget and is calculated as six months (50%) of General Fund expenditures (not including transfers to fund capital projects).

It is also the policy of Glen Ellyn Public Library to assign a portion of Fund Balance to the amount of debt service payments for governmental debt for the following year, if necessary. These funds may be assigned in either of the General Fund or the Debt Service Fund (“Debt Service Assignment”).

After 2011, the annual budget (appropriation) will include a contribution to (or drawdown from) Cash Flow Commitment and Debt Service Assignment to assure compliance with this policy. The levels of other restrictions, commitments, and assignments will fluctuate depending on activity.

Brginning in 2012, unassigned fund balance shall be transferred to the Building, Equipment, and Maintenance Fund (Fund 50) at year end.

This policy may be amended from time to time according to the wishes of Glen Ellyn Public Library Board of Trustees.

The library will spend the most restricted dollars before less restricted, in the following order: Nonspendable (if funds become spendable), Restricted, Committed, Assigned, and Unassigned.

The Library Director will determine if a portion of fund balance should be assigned.

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